Rent to Own Homes in Elk Grove
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The below results are primarily rent to own homes in Sacramento County, CA:
Just 15 miles south of Sacramento, Elk Grove is a growing Central Valley town with deep roots in agriculture. The city began as a convenient way post for travel between Sacramento and the San Francisco Bay Area, named for historic Elk Grove Hotel. While the Elk Grove Hotel has long since served its last guest, some of the city’s oldest buildings remain intact in Old Town Elk Grove.
In modern times, Elk Grove attracted residents with its convenient location and wide open spaces, making it the fastest growing U.S. city. Serving this burgeoning population are several convenient Highway 99 and Interstate 5 interchanges, peaceful walking trails and community festivals. Elk Grove Unified School District is well-known for its stellar schools, and the Elk Grove Public Library is a popular place to while away hot summer days. Now located on Elk Grove Boulevard, Elk Grove Library was the first free library in all of California.
Buying a Home in Elk Grove
Elk Grove’s overall median home prices and number of homes sold may have dropped over the past year, but the price per square foot increased. Recent monthly figures show 64 homes sold, compared to 74 homes in the same month last year. The median home price is $332,000, a 6 percent decrease from last year. In contrast, the price per square foot increased 9.5 percent to $172. The average size of a home selling in Elk Grove is 2,063 square feet.
Popular Neighborhoods in Elk Grove
Laguna Lake was one of Elk Grove’s original master-planned communities, and it remains a popular, safe neighborhood with excellent schools and convenient freeway access. Homes in Laguna Lake are a prized find and sell for an average of $496,900. Cresleigh Ranch Village is perfect for first-time home buyers who want good schools and plentiful parks in a safe setting. Homes here have an average selling price of $356,708. Young families and couples also appreciate the modest homes and safe streets of the Camden neighborhoods where homes have an average selling price of $323,667.
Buying vs. Rent to Own Homes
Buying a home, whether it’s your first or your fourth, can be stressful. Rent to own homes can eliminate some of the pressures of buying a home since there is less emphasis on perfect financial conditions and credit scores. Unlike conventional home purchases, rent to own homes allow buyers to move into the home right away instead of waiting for escrow to close and the title to transfer. Rent to own home arrangements also give buyers time to handle complex financial issues, including improving credit ratings, building up down payments and acquiring a mortgage.
Cost of Living in Elk Grove
Housing is the biggest living expense in Elk Grove, costing locals 78 percent more than the national average. Other essentials are more moderate, with necessities like utilities, transportation and groceries costing Elk Grove residents 13 to 14 percent more than in other American towns. With plenty of well-respected healthcare facilities like Sutter Health and Kaiser Permanente nearby, health costs in the area are more in line with the national average, costing just 2 percent more. Altogether, Elk Grove residents can expect to pay $1.31 for every dollar other Americans spend on living expenses.
Blessed with thriving technology, finance and healthcare enterprises, Elk Grove is a hometown with ample employment to complement its flourishing recreation, entertainment and housing resources. Elk Grove home prices have dipped a bit over the past year, but the town’s established neighborhoods with convenient freeway access remain popular choices for Central Valley locals. Residents pay a small price for the city’s rural space, pretty greenbelts, excellent schools and safe neighborhoods, spending about 31 percent more on all living expenses than in the rest of the nation.
Rent to Own Realtors
Realtors have more experience with closings and real estate contracts than the typical buyer or seller, but not many of them want to work with rent to own deals. A commission from the sale of a home is much larger than the commission a realtor will receive from rent for the first few years of a lease-option deal.
Instead, visit title companies to make sure the property is eligible for rent to own, consult with a lawyer to ensure that the contract benefits you and meet with a mortgage broker to find out when the buyer will be ready to close on the home.
About Our Listings
Whether you’re interested in purchasing a condo or a townhouse, or if you’ve been touring apartments and houses, rent to own can be a good option for buyers – often with no credit check.
Just because the seller isn’t checking your credit score doesn’t mean you shouldn’t worry about it. You’ll need to have a credit score high enough to qualify for financing if you want to succeed in a rent to buy deal.
In rent to own by owner programs, sellers want to make a profit off of their properties. They will earn rent money from you whether you successfully buy the house or not. So, they don’t really worry about whether you have the credit score to buy it at the end of the lease.
Lease to purchase deals from a company are often less successful than from an owner because companies tend to snatch up cheap foreclosed homes and lease-option them on an “as is” basis.
Owners who are eager to sell their property may ask you to sign a lease-purchase agreement, which is very different from a lease-option because instead of having the option to buy the property before the end of the lease, you legally have to buy it. That can be difficult if you start the deal with bad credit and cannot bring it up high enough to qualify for a mortgage.
Looking for rent to own listings near me? Start your search on the Rent to Own Labs database.
Reported Annual Crime In Elk Grove